According to this report, the worldwide market for hearing aids is undergoing a phase of continual rise, thanks to the ongoing innovations and advancements in the technologies. The augmenting usage of binaural fittings is likely to add significantly to the growth of this market over the next few years. Researchers expect this market to rise at a CAGR of 5.50% during the period of 2016 to 2020.

This research study has analyzed the worldwide market for hearing aids on three fronts: The product, end user, and the geographical presence of this market. Based on the products, the market has been classified into hearing aids and hearing implants. The demand for hearing aids has been higher than hearing implants and the scenario is projected to remain more or less same over the forecast period, states the report.

By end user, the report has categorized the global market for hearing aids into clinics, hospitals, and individual customers. Hospitals have emerged as the key consumer of hearing aids across the world. Researchers expect this segment to continue as the market leader throughout the forecast period.

Geographically, the worldwide market for hearing aids has been segmented into the Americas, Europe, the Middle East, and Africa (EMEA), and Asia Pacific (APAC). Among these, the Americas has been leading the global market, thanks to the presence of a robust medical and healthcare infrastructure. With the rise in the government funding to increase research and development activities in the field of hearing aids and implants, this regional market is anticipated to retain its position over the forecast period, notes the research study.

In this study, the competitive landscape of the global market for hearing aids has also been evaluated. As per the study, the market is highly fragmented, owing to the presence of a large pool of large, small-, and medium-sized participants. At the forefront of this market are MED-EL, Cochlear, Sonova, and William Demant. The competition between these players is likely to intensify further. Aggressive pricing, product differentiation and sensitivity, and technology upgradation are expected to be the parameters for competition in this market in the coming years.